The COVID Project
Context, not an orderThis record is guidance or an announcement kept for context. It is not counted among the orders in force.
The record
- Jurisdiction
- United States; National Credit Union Administration (federal)
- Level
- Federal
- Authority
- 12 U.S.C. § 1766(a); § 1784(a)
- Issued
- 2020-03-01 Mar. 1, 2020
- Effective
- 2020-03-16 (NCUA letter dated March 2020; NCUA news release of March 16, 2020) (read as 2020-03-16)
- End
- Not rescinded within the period (read as 2021-09-30)
- In force
- Mar. 16, 2020 to Sept. 30, 2021
- Quarters
- 2020 Q22020 Q32020 Q42021 Q12021 Q22021 Q3
2020 Q22020 Q32020 Q42021 Q12021 Q22021 Q3
- Limitation types
- Business closureGathering capOther
- Addressees
- boards of directors and chief executive officers of all federally insured credit unions
- Functions reached
- BR branches and lobbies
- SV member accommodations (fee waivers, payment deferrals)
- OP governance (annual and board meetings)
- OP examinations
- CB members
- Character
- context
- Collection
- Federal financial regulators AGY-FED-FINANCIAL
Operative words
The NCUA recognizes COVID-19 will impact credit unions and their members to varying degrees.... I want to assure you that the NCUA's examiners will not criticize a credit union's efforts to provide prudent relief for members when such efforts are conducted in a reasonable manner with proper controls and management oversight.... The FAQ outlines various options credit unions have, such as delaying annual meetings and how board meetings can be conducted. The FAQ also addresses issues related to some of the measures the NCUA is taking related to the examination and supervision process.
Enforcement
12 U.S.C. § 1786 (NCUA supervisory and enforcement authority); examination treatment
Notes
The NCUA's first COVID-19 letter; predicate for 20-FCU-02 (virtual meetings), 20-CU-05 (off-site examinations) and 20-CU-13 (borrower accommodations)
Retrieval noteNCUA letters carry month and year only; the file name uses the first day of the month. Live NCUA URL now redirects; rendered from the archived page fetched at the 2020-04 and 2021-06 captures. Cite it as context and cite the underlying order, statute or emergency rule it describes as the instrument. (Bulletins whose operative text imposes a mandatory duty on licensees under the regulator's own authority are excluded from this downgrade and listed separately for review.)).